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20121207
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CNBC
Dec 6, 2012 7:00pm EST
and team boehner are back at the negotiating table. but there is still substantial disagreement on tax rates, tax revenues, domestic spending and entitlement reform and the clock is ticking. speaking of tax hikes, europe's grand experiment with taxing the rich more is falling apart, especially in france and britain. and here at home, california and new york are passing through the 50% tax rate barrier. is anybody looking at how tax hikes fail the test of economic growth? >>> back here in the u.s., could it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern among some in the gop that they are at risk of becoming the party for rich people while president obama
CNBC
Dec 3, 2012 7:00pm EST
specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a look at the details here. boehner and the other house republicans are asking for $800 billion in new tax reform revenue. that's short of the $1.6 trillion that the president would like to see there. also health savings of $600 billion. mandatory savings of $300 billion. revisions of cpa of 200 billion. other discretionary saving 300 billion. they say net savings is $2.2 trillion all told. the white house says this plan is not balanced, and interestingly there's a little side skirmish here between the speaker of the house john boehner and erskine bowls. boehner said this was based on a report that bowles laid out. bawls said no. he said the approach laid out does not represent the simpson-bowles plan or the bowles plan. in fact what bowles is is that the speech that boehner based his proposal on was something that bowles had laid out in the middle of the negotiations last year as the mid-point between two sides but bowles is saying today
CNBC
Nov 29, 2012 12:00pm EST
from speaker boehner pressuring the market right now. let's take a listen to what the house speaker had to say. >> despite claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and, secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> all right. so you see what happened to the dow jones industrial average. went negative. now it's basically sitting at the flat line. those comments from speaker boehner coming after a meeting with treasury secretary tim geithner and the senate majority leader, harry reid. in fact, harry reid is going to make some comments in a matter of moments which you will see live and will no doubt move the markets one way or the other. let's get straight to the trading action today. in front of me mike murphy, john najarian, joe terranova, josh brown. more of the same, doc. markets up on what seems to be a pretty good day. >> the more they zip it, the more we go up. as soon as they talk, we go down. it's not democrat or republican
CNBC
Dec 5, 2012 7:00pm EST
with democrats defecting from the boehner plan. in the meantime, a nice game for the day for the dow, but a stunning selloff for apple. do you know what? fiscal cliff or not, the s&p 500 is up 12% year to date. that is a handsome gain for investors, an optimistic year, believe it or not. and we already bailed out detroit's auto industry. but now, at least one motown politician is telling president obama he should bail out detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president obama was warning about? >> well, not quite yet. u.s. officials tell us that the syrian military is poised to use chemical weapons against their own people, and all it would take really is the final order from syrian president assad. but we have learned that as of today, all the precursored chemicals for
CNBC
Nov 30, 2012 1:00pm EST
are almost being held hostage by every remark and every headline. whether it's speaker boehner just a few moments ago in washington, or the president on the road in pennsylvania at a toy factory. both sides spinning, and that is leaving traders' heads spinning. eamon javers in d.c. with the latest volleys in this match. >> i'm going to try not to do anyany spinning here for you, tyler. but another day of kind of dueling press conferences here in washington. difference today is we have a little bit of a campaign style theme as the president took his act on the road to pennsylvania where he tore this toy factory up there. basically making the case for his tax cuts but he had a chance to make a toy factory joke as presidents are want to do. he said he's got a naughty and nice list back in washington. he's got certain congressmen in mind to be on that naughty and nice list. but take a listen to what the president said making the case that this is all about tax cuts for the rich and republicans wanting to preserve those. >> what's riding on this debate. this is too important to our economy. it
CNBC
Dec 4, 2012 2:00pm EST
and john boehner making comments on the issue a short time ago and according to our deal meter, there it is, still only a quarter of the way there. we have got all sides of this story covered. john harwood live at the white house. eamon javers on capitol hill and the president's comments. >> the president gave an interview to our colleagues at bloomberg and said a couple of things. first of all, his priorities now trying to break republicans in their resistance to raising the top rate by some amount, a stance republicans have been consistent on. more revenue, question, not higher rates, he is insisting on that as the price of negotiating with him. and he said the reason for that is if you take all of what can be raised in revenue from deductions that is politically realistic, not trying to take away the mortgage deduction in the face of tremendous resistance from consumers and the housing industry, you can only raise about 300 to $400 billion, but i think that is a promising indication from the president because then if you take, brian, $400 billion in deductions eliminated, you take, say,
CNBC
Nov 28, 2012 7:00pm EST
, which will raise the top tax rates and therefore is rejecting john boehner's conciliatory idea of limiting tax deductions. is that the way it is? boehner just got dissed today? >> i think the president is reminding republicans that they lost and that after a vigorous come pain with many of the same ideas that the republicans are trying to defend now, that's goinged not -- if he's serious, he'll willing to make a deal but he's not willing to make a bad deal. on that the president is very firm. >> i wonder if he doesn't want high tax rates and caps on deductions so he can have more revenue to spend. the reason i have that logic is once again today at this campaign rally, or whatever today was, he didn't mention the word spending cut, never once. >> it's not in his vocabulary. one thing we know about president obama is he campaigns to the middle but he kind of straights from the left and what i fully anticipate is there's a reason why dick durbin, who was his senate partner from oil know, is saying which they went to 100% tax rate on million favors and people making above 250,000,
CNBC
Dec 3, 2012 3:00pm EST
on the fiscal cliff is just being released. let's go to e-mailen j amon jav >> they say boehner is offering multi-step solution here, including what he's after is $800 billion in revenue through tax reform. that's obviously significantly less than the $1.6 trillion the president asked for his-n his initial offer last week. other details in this offer being reported by nbc. health savings of $600 billion. other mandatory savings of $300 billion. a revision to cpi of $200 billion. and further discretionary savings of $300 billion. guys, it looks like the horse trading is alive and well here in washington. now this offer being extended from the republicans. you can assume that the white house will not think this is enough tax revenue to go forward, but, of course, offers are being exchanged here so that's a sign negotiations are under way, guys. >> let's get into the details here. $600 billion in health savings. what does that mean for medicare? break it down in terms of where these savings come from. >> i wish i could. what we don't have here is a lot of detail hanging off this christmas tree
CNBC
Nov 29, 2012 1:00pm EST
speaker boehner speaking with reporters after meeting with treasury secretary tim geithner. eamon javers is in washington with the latest. eamon, the sentiment down here is these guys should stop talking and start crafting a deal. >> reporter: that's the sentiment here in the hallways of capitol hill as well, sue. i can tell you that. we are starting to get a little more clarity on what's going on here today. i just had the chance just a few moments ago to button-hole senator harry reid here in the hallway, asking him a very specific question. i said did treasury secretary tim geithner come up here with a new specific offer for republicans? is that what he laid down on the table for speaker john boehner today? reid told me -- no, there was no specific offer here today from geithner to the republican side. he said that the president of the united states made the democrats' over two weeks ago and there's been no new specific offer since then. i think that explains a little bit of why we saw this reaction from speaker john boehner a little while after he met with geithner. take a listen to
CNBC
Dec 4, 2012 1:00pm EST
at bloomberg and talked about the republican offer from speaker boehner on the fiscal cliff resolution. he said it was out of balance because the speaker has not agreed to rate increases but the president identified a two-step process by which he is hoping still to reach an agreement before the end of the year, if he can get republicans to give on the top rate. he said that first of all, we can't do a fundamental tax reform in the next two weeks. we simply have to have a down payment before the end of the year and then commit to tax and entitlement reform during the year of 2013. he also specified, and i think this is significant, that he thought 300 to $400 billion over ten years is about what you could raise by closing loopholes and trimming deductions. this is a -- this is a way to come to grips with how to get to the revenue target the president wants. let's first of all listen to -- we have got a piece of sound from that interview. let's listen to the president. >> when you look at how much revenue you can actually raise by closing loopholes and deductions, it's probably in the range of $3
CNBC
Nov 29, 2012 9:00am EST
harry reid's office over to the speaker of house's office and meet with john boehner. and interestingly enough, he's going to meet with paul ryan. where that goes is also anybody's guess, but before that meeting, the speaker's office telling us they accepted the meeting only on the condition that the white house bring up some specific spending cuts and get serious about spending, i talked to senator lindsay gram, a republican, just before geithner walked into the building. he said he doesn't think there's that much asphalt on the road for reins to talk about tax increases at this point, he want f s to see some specific offers from the democrats. >> we'll be coming back to you not too long from now. >>> now to a big earnings mover in the luxury retail sales. brian, i read through your note that you issued this morning. you said still weak but not dismal. same store sales up 1%. inventories climbed 11%. this is not dismal, they are cutting the third year. >> as i look through the results today and there's no question on the face of them, they look really bad. tiffany did earnings per shar
CNBC
Nov 29, 2012 3:00pm EST
. you can see when they happen when we show you today's chart. speaker boehner's comments pushed the market lower. then other comments brought them back a little bit. the dow is up just 45 points right now at 13,030. the nasdaq also trading higher today. last i checked, it was up 21 points. there it is at 3,013. that's about the high for the session. the s&p is up about seven points at 1416. >> a bit of a roller coaster ride today after fiscal cliff comments from both parties. >> eamon javers on capitol hill is following the drama, which changes moment by moment. >> absolutely, bill. it's been a bit of a roller coaster ride, as you say, on capitol hill with duelling press conferences today. follow along with me here on what each person said from each party and how that impacted the market, starting with speaker john boehner. here's what he had to say early in the day. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in the talks between the hou
CNBC
Nov 30, 2012 7:00pm EST
irresponsible. for all this and more joining us now is katie pavlich. what speaker john boehner has always said, a dollar tax increase, a dollar spending cuts. >> president obama who jay carney represents during his daily press briefings at the white house wants an unlimited debt limit. he wants no debt ceiling on the amount of money that he can spend. so jay carney is taking shots at john boehner who has said look it's not a serious discussion about how we're going to solve the fiscal problem unless of course we match spending cuts to the number of dollars we increase in the debt limit. >> do you think that could pass congress in all seriousness? no more debt limit? no more power of the purse strings? >> no. >> that's insane. i think it's in the constitution. >> yes. and although president obama this because he got re-elected has he had has a mandate to do whatever he waumpbts, he forgets that the house republicans were also re-elected to kind of hold the line on spending. so no, i don't believe that would make it through congress. >> what about this utterance by the president today? instead o
CNBC
Dec 5, 2012 4:00am EST
speaker john boehner dealing with division in the gop's ranks to his budget plan. we've got a shanghai surprise. china's mainland markets up over nearly 3% after beijing's new leaders called for economic stability and new business growth. and it looks like more austerity for britain. george osborne getting ready to release his autumn statement. >>> nokia shares a little bit high today. they are teaming up with china mobile, giving access to the world's biggest mobile phone markets. >>> if you just got up, very warm welcome to the start of your global trading day. stocks are on the front foot this morning. this is where we stand with u.s. futures. currently called up around about 30 points higher. the dow down, what, 13 points? the nasdaq called up just under 40 points. the s&p 500 at the moment is called up just over three points. it was down two points yesterday. european stocks doing a little built better. they were as flat as a pancake, as i've been saying. as flat as my pancakes. we have just come down from higher levels. the ibex up .2 of a percent. overnight we saw china leadersh
CNBC
Nov 30, 2012 12:00pm EST
house speaker john boehner getting ready to address the fiscal cliff yet again. and yesterday as you might recall when he spoke the markets did move. stay tuned. ahead on halftime, from a luxury retailer to a dollar store we're trading the biggest movers midday and gaming the fiscal cliff. which companies are doelg out new dividends now? which are next? we'll be right back. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. which isn't rocket science. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who ge
CNBC
Dec 4, 2012 4:00pm EST
that happened today. john boehner, the speaker of the house, sent a message that a deal was in the works. he threw several house members off of key committees when they criticized him openly for looking like he was ready to make some deal on taxes with president obama. that's a sign to me that he's going to clear the decks to try to push through a deal. it's a sign that we're going get some kind of tax increases for the top 2%. i don't know where those numbers are going to be. pretty clear to me that a deal is in the works and we're heading in that direction. what i'm not sure of is whether the market will go up on this, necessarily. >> in terms of that january effect, bob, does that even matter this year? >> yes, look, it's not long from anybody, january and february are the best months of the year. that's a factor. >> let me ask you about putting money to work, keith springer. you say we're going to get a deal regardless. we may get a deal regardless, but that deal means probably higher taxes and lower spending. what are the areas in the economy in your view that get impacted most by a dea
CNBC
Dec 5, 2012 1:00pm EST
john boehner came out earlier today to say he's waiting, too, on a response from the white house to his proposal. take a listen. >> we need a response from the white house. we can't sit here and negotiate with ourselves. our targets and framework are things that we can all agree on and it's exactly how we approached our discussions in the biden group, my discussions at the white house a year-and-a-half ago, and, for that matter, in the joint select committee. >> one interesting note here is how much businesses and ceos have become the political football here. i'm told that yesterday congressman kevin mccarthy, the republican majority whip, was on a conference call with ceos and he urged them to get involved and tell the white house in all their frequent communications with the white house that they need to tell the white house to start talking to house republicans. so ceos in the business community right in the middle of this negotiation. >> eamon javers, thank you. >>> john harwood has the latest on mr. obama's big meeting with some of those ceos. john? >> the other way the ceos are in
CNBC
Nov 29, 2012 2:00pm EST
is on the political back-and-forth. bob, start with you. as we saw the market got boehner, then got schumered to the up side as well. what do you think the market wants to hear from these guys? >> two things. very simple. they want a deal within the next -- end of month of december and it has to be substantive. there's two parts . a deal soon and it has to be substantive. boehner came out 11:30 eastern time said no substantive progress is made. that's what happens to the smasht. then the democrats started talking, senator schumer came out and said he was confident a deal would be reached by christmas. the market goes up. that's the deals we're looking for. bottom line is this -- the market believes something is going to happen because it's been holding up extremely well. remember all those concerns about higher taxes on dividend? the dow utilities bottomed several weeks ago. okay, it is not a gigantic move but the slope has been upward. utilities are among market leaders today. all right, fractional but it is a fairly broad advance. what about those concerns about the mortgage interest desucd
CNBC
Dec 6, 2012 6:00am EST
. >> ended up 85 for the day. >> i guess the demise of john boehner as speaker was greatly exaggerated. did you see this "new york times" piece? more support for boehner now than anytime in his speaker ship. is that's setting up for -- >> but it is social media and twitter allows to you see these things. >> sausage factory into the front of the kitchen. >> exactly. >> geithner didn't use the word marginal rates had to go up, just said rates. >> rates are already going up. there will be a tax increase to people making more than 250 anyway because of the health care law. so the idea that somehow they will get a freebie is just crazy. >> california at 52%, new york and other places -- >> when you add up all the state and local taxes. hawaii is above 50, as well. >> hawaii is worth it, though. >> california is not bad either. >> unless you need to drive somewhere. right? and don't have a helicopter. >> there's a reason the president takes a helicopter anywhere. you can't drive in d.c. sdl those a >> boston in the city can get like that. last night i was thinking in my mother was still alive, ci
CNBC
Dec 3, 2012 6:00am EST
view what makes sense for the country. >> meantime john boehner says that his party has a plan and he has already offered dozens of alternatives. >> you can cap deductions at a percent of income, that would be one way to get there. could you eliminate certain deductions for those wealthiest in our country. >> joining us on the topic is david walker. he's on his way here right now. >> and in global market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the q
CNBC
Dec 3, 2012 5:00pm EST
. >> just within the past few minutes we have gotten the white house's response to the boehner counter proposal to the white house proposal last week. the white house doesn't like the proposal from bane kpp today. dan fifer saying the republican la letter does not meet the balance and sticks the middle class with the bill. clearly what we are seeing is a negotiation. the white house doesn't like what they have been presented and now the offers and counteroffers will continue to fly and will start to get a little more close to one another. neither one of these as they have been laid out is anywhere near where people expect we will end up for a final deal. >> what is your interpretation and analysis of the white house's responses? it sounds like a hard line stance. >> absolutely. the white house says it doesn't meet the test of balance and the president says the most important thing is that we have a balanced approach. he says that in every speech he has made so far. there you see the obama offer in terms of what he has put on the table. he would like to see a bunch of new taxes particul
CNBC
Nov 30, 2012 4:00pm EST
you saw very little movement in the stock market in the middle of the day when representative boehner came out and said they'd gone nowhere on the talks. senator mcconnell described the white house offer as comical. that normally would have moved stocks down, but it didn't. i think that's a sign a lot of people believe a deal is coming. >> rick santelli, what's your take? >> i think there's no volatile ty on boehner's comments because geithner's comments were out there last noor nigight for eveo see. we're not going to hear anything sensible. now it becomes a time clock issue. i think sometime around the third week in december if you think the last hour was volatile going from minus 20 to plus 4, you ain't seen nothing yet. all the guests like the economy. i'm not disputing good things, but gdp didn't have a lot of consumption. today, personal income and spending, the spending was down a couple tenths. next week we have two jobs reports. one could argue the combination might be barely above the 171 from just the bls last month. people can't spend without jobs. same old story in my opi
CNBC
Dec 4, 2012 7:00pm EST
into a civil war. did president obama disspeaker john boehner in a comment today. >> on the conservative side of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and
CNBC
Dec 5, 2012 6:00am EST
another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see real entitlement reform as well. but you have to deal with the issue on the table. i mean, the spending right now is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in the final an
CNBC
Dec 6, 2012 9:00am EST
, that is tonight on nbc's rock center. 10:00 p.m. on your local nbc station. >>> meantime, house speaker boehner and president obama speaking on the phone last night about the fiscal cliff. there still seems to be a freeze in the negotiation. >> there's nothing going on privately that's not going on the publicly. >> they've got to come with some specific revenue. they have refused to do that. >> we need that consensual break through. >> although the president seems obsessed on raising taxes for you. >> that is a bad strategy for america, it's a bad strategy for your businesses and it is not a game that i will play. >> is the administration prepared too go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the wealthiest 2%. remember it's only 2%. >> with just 25 days to go, the political satandoff could cost the u.s. millions of jobs. professor, good to have you back, good morning. >> good to be here, thanks. >> good read in the journal yesterday from you and if anybody needed to worry about this more, you invoke carter, you
CNBC
Dec 4, 2012 12:00pm EST
that i think the white house is having legitimate problems with in this new offer from john boehner is the lack of specificity. tony and i argued this a lot. he makes a great point. do we have to argue about rates versus base? is we can talk about base. and at this point republicans have done the same thing mitt romney was doing. $800 billion in new revenues from unspecified chose urs. the time for that is past. i'm glad they're coming with a counteroffer. they have to put specifics on the table. >> tony, under any circumstances, as you sit here right now, are republicans going to agree to let tax rates increa increase? >> look, i find that almost impossible for republicans to do, at least before december 31. i think everyone understands that it is the single thing that the president wants more than anything else. you can sack rifice just about anything to get the top two rates. so i don't see republicans getting on that issue. i think what you are seeing, and i do give credit to speaker boehner for rising above, bring in the proposal yesterday and getting the full republican leader
CNBC
Dec 5, 2012 3:00pm EST
boehner more elbow room in his negotiations and might help him beat back a little brush fire he saw on the right wing yesterday for being criticized after offering up $800 billion in tax increases. meanwhile, the white house confirming it has directed the office of management and budget to prepare plans for these massive spending cuts that would come at the end of the year if we go over the fiscal cliff. the white house saying they don't expect we will. they still hope it can be prevented, but they have to start planning. also, speaker of the house john boehner meeting with small business leaders on capitol hill where he reiterated some of his key points. again, just within the past hour. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked t
CNBC
Dec 5, 2012 4:00pm EST
for joining us. >> thank you. >> speaker boehner has put forward a proposal which "usa today" says demonstrates more political courage the democrats have shown. the white house is saying today it's not even wor ty -- worthy of a response. what are we missing? >> i think we are making progress. they acknowledged they were prepapered to do $800 billion in higher taxes on part of the american economy. that's part of the balanced framework. that's definitely progress. what we need to see is have them acknowledge the rates go up. if they're willing to accept that and commit to that, then we think we could do something good for the economy. we can make the government use the taxpayers' money more efficiently, lock in some spending savings and do some long-term entitlement reforms to make sure americans feel like they can retire with dignity. >> i want to make sure we're talking about apples and apples here, which is so hard in this discussion. the $800 billion which the republicans put forward, which would be a cap on deductions, how does that compare with how far the information is prep
CNBC
Dec 6, 2012 12:00pm EST
we've heard from just about everybody in town except for speaker boehner. scott it feels like we're getting some deal making behind the scenes and i'll tell you why it feels that way. we were told that yesterday speaker boehner and president obama held a phone call, it was said to be about 20, 28 minutes in length but neither side has leaked what happened on that phone call. the house republicans are not leaking, the white house just within the past hour said it's not going to tell reporters what was discussed, that's probably an encouraging sign that negotiations are taking place. last week we saw that they had a proposal and immediately house republicans leaked the white house proposal and then republicans went out of their way to say they were laughing at that proposal, now they're not leaking, that's probably a sign of some real deal making but nonetheless harry reid the senate democratic leader was on the floor within the past hour or so and he kept the pressure up on republicans. take a listen. >> the plan for the republicans to face reality, there's enough writing on the w
CNBC
Nov 30, 2012 2:00pm EST
of the house, john boehner, the republican leader here on the house side of the capitol, took to the podium as sort of a downbeat speaker boehner saying that we are at an impasse here in washington in these negotiations. >> no, there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me over the last three weeks, i've been very guarded in what i have to say because i don't want to make it harder for me or the president. >> reporter: so, brian, as you can tell, they're talking about a stalemate here in washington but the very fact that mcconnell is floating new ideas in the "wall street journal" just within the past couple of minutes is an indication that the negotiations are still going on here, although mcconnell in the interview with the journal says that there's nothing going on behind the scenes that's anymore developed than what we've seen publicly. if that's true, that's an indication that the paper is not flying as fast and furious behind the scenes as we maybe thought. >> does mcconnell have the backing of more members of the gop? i
CNBC
Dec 3, 2012 4:00am EST
'll eventually yield on raising tax rates on the wealthy, but john boehner is standing firm against those high taxes. >> we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. >> why does it make sense for the country to force tax increases on all americans because a small group of governors want to extend tax rates for 2% of americans. no reason why that should happen. >> geithner says republicans will be responsible if no budget deal is reached by the end of the month. boehner says the fight has only begun and he's interested in cutting a deal and not sounding a fiscal alarm. we'll be talking about how the two sides might be able to break the deadlock with a did democratic strategist in the next half hour or so. now, singapore airlines has confirmed it's in talks with interested parties to try to divest its 49% stake in the british airline virgin atlantic. didn't say who the party was, but reporting suggest it could be the u.s. carrier delta air lines. it's been look to go acquire the
CNBC
Dec 6, 2012 4:00am EST
. australia, investors shrugged off strong jobs data. sensex gained 0.6% today. >> john boehner and president obama speaking by phone, but no announcement of any upcoming face to face budget talks. earlier the president told the business round table that a deal to avoid the fiscal cliff could be reached quickly if republicans drop their opposition to raising tax rates on the wealthy. and in an interview on cnbc, timothy geithner says the gop is making a little bit of practice, but the white house is absolutely ready to go over the cliff if tax rates on the top 2% don't rise. >> our obligation is first do no harl. we need to lift that threat over the economy. and now as part of that, we'd like to put in place as i said a carefully designed mix of reforms to put our fiscal balance in the path of sustainability. as long as there is recognition by the other side that those rates will go up, we think we can reach an agreement on the set of reforms as i said that will be good for the economy. >> republicans were quick to hit back. orrin hatch called them stunning and irresponsible, but there may be
CNBC
Nov 30, 2012 6:00am EST
a trillion would be seen as boehner prevailing a little bit because he only had to go up 200 billion and anything closer to 1.2 or -- would be a win -- >> i think the big question is what happens to entitlements, too. what do you put on the table for that. >> the different websites have different -- grudge is ha-ha with a picture of mcconnell sitting there. he says he didn't do it in partisan on purpose, but he heard the deal and started laughing out loud. not to insult geithner, but -- >> that were his marching orders. >> mcconnell supposedly laughed out loud not on purpose to embarrass geithner, but just because they're so far apart. >> what would be the thing that the republicans would have reacted better to when it came to the $400 billion? if they said -- i don't think obama is going to say -- >> what is possible. what were they talking about last year? weren't they talking about a trillion? >> a trillion last year. >> obviously you have to put the changes that happened well down the road because the economy's not ready to handle a lot of these changes in terms of cuts and thing
CNBC
Nov 29, 2012 4:00pm EST
reid digging in his heels, referring to house speaker john boehner when asked about the republican's position that the ball is in the democrat's court. he said he doesn't understand his brain. we'll hear what reid's nevada constituents think about the job he's doing. >>> also, could our debt mean the death of the dollar bill? i don't mean the value of the dollar. i mean the actual dollar bill. it may be on the endangered species list. stay with us. back in a moment. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> welcome back. chevron ceo john watson telling me exclusively today that the second largest u.s. energy company is moving forward on investments despite fiscal cliff concerns. we begin on our conversation, zeroing
CNBC
Nov 29, 2012 5:00pm EST
boehner come out very almost angry about the fact that he says that democrats haven't given him any of those specific cuts. i think they might sit pat until they see some of these cuts coming in. the republicans feel very much, hey, we've already talked about putting revenue on the table. that's our ante in. let's see your ante in. they're waiting. the danger is the negotiation gets to a world war i trench style. they are trying to preserve a little bit of flexibility here, even as there's all this rhetoric we saw bouncing the market around all day today. >> if we haven't reached that trench warfare yet, i can't wait to see what it will be like at this point. >> clearly, there are negotiations going on. the fact that the journal has this paper is evidence that stuff is being traded. now, whether those negotiations are close to finalization is a different question. i saw rob neighbors, who is the white house's liaison to capitol hill, shuttling back and forth between harry reid's office and mitch mcconnell's office. the white house guy going back and forth between the two leaders in
CNBC
Nov 30, 2012 3:00pm EST
from speaker boehner and the president. do you make anything of that? is the market becoming immune to the public outcry or what? >> you know, i don't know about the public outcry issue, but i can tell you this. it doesn't surprise me that on a friday the stock market would pay less attention to the tape bombs than other days because of the weekend and the issues of trading and any surprises that come up. i would doubt if you're going to even see much movement in the last hour. treasuries, on the other hand -- well, actually, they're very similar. but where you start to see something different is as our guest was talking about. move outside of treasuries. if you look at barclays, whether it's their high-yield index or investment index, they're not at their best levels, but they've been big movers. the biggest issue is the taxes surrounding munis. that was started in '07. all-time new highs today. even if you look at the lipper or barclay indices, it reflects the same thing. in a way, it's sad. in a way, it isn't. it underscores all of these tax implications that are moving trades ar
CNBC
Dec 4, 2012 3:00pm EST
and boehner say today, you know, there's no room right now for a meeting behind closed doors. we don't necessarily need to sit down face to face and figure this out, even though we're in countdown mode. fiscal cliff is going to impact a lot of industries and arguably put us into recession next year. >> that's the problem with short-term growth. if we get some sort of compromise, that doesn't peen we're going to have a negative effect on the economy. even the president's proposal, that could be less than 1% for -- >> already, this anticipation going into arguably the most important time of the year in terms of consumer spending, certainly the holidays, this anticipation of, you know, we don't know what's going on in the next couple of months, coupled with the fact we just came off of hurricane sandy, this is not the time to play games and taunt one another with these plans that everybody knows are not real plans. >> i agree, but i think we should look beyond one year's growth. we're talking about growth through 2050. the gentleman pretending to know he knows the growth rate between no
CNBC
Dec 6, 2012 4:00pm EST
presidehaven't seen meeting we want to see, the president and speaker boehner. we're seeing that now. >>> meanwhile, toronto dominion down today. it seems investors are worried about the company's higher expense and a slow down in mortgage growth. let's talking td bank. joining me now in a cnbc exclusi exclusive, the ceo ed clark. atlanta, georgi thanks for joining us. what do you think is most concerning here? how was the quarter? >> actually, we were very pleased with the quarter. really pleased with the year. we went into the year saying we were with going to have to work hard to get 7% earnings growth. we ended up with 8 and 10% overall growth. it's really actually, you know, we faced a lot of head winds this year. lots of things going on. so frankly, we're very pleased with the year. >> of course, you announced this acquisiti acquisition. why do this deal now? what was so important in terms of contributing to business? >> yeah, so, you know, we have signaled to the market for some time what we want to do. this fit absolutely perfect. it's one of these great firms. these are incr
CNBC
Dec 6, 2012 1:00pm EST
that president obama and speaker john boehner on the republican side of the capitol had a conference call yesterday about 20, 28 minutes in length. we don't know what was said. that's probably a good sign they are not leaking the contents of that call. that's a sign that there is some negotiation going on. something is happening behind the scenes but we just don't know what it is right now. back to you. >> eamon javers, thank you very much. >>> what can be done to break the stalemate in washington? representative jack kingston is a republican from georgia, member of the house appropriations committee. welcome, congressman. good to have you with us. >> thank you, tyler. >> we had the images yesterday of congress leaving for a long weekend. i have to say that it struck an awful lot of us as very poor sort of pr, very bad optics, if you want to use that term. you're still there in washington. why? and what do you think about the fact that congress went home? >> well, i'm actually doing some committee work but i will say this, that this debate is both inside and outside of the town. outside i
CNBC
Dec 2, 2012 6:00am EST
gains as traders wait on washington. while everybody is watching boehner and obama duke it out, a flashing red warning sign emerging for the consumer. shares of yum brands taking a hit on the warning on the outlook for china. what does this mean for the other multinationals. let's get in the monday and find out. dan, this is much more than a single stock story because yum is looked at as a barometer for china growth. >> that's a great point. >> this year as mcdonald's was signaling that china was weakening, chipotle. this year domestically, we're starting to see sales trends weaken. yum was doing fantastically in both regions. yum gets it disproportionate from the sales. relative to the competitors in china. about 45%. and a lot of investors were wondering how these guys were bucking the trend for so long. to me this is a little curious. they just gave guidance on china sales on october 10th. to me they may have a bit of a credibility problem. the other one we were talking about is tiffany's. these are a tale of two cities. they have downgraded yesterday and that was also based
CNBC
Nov 29, 2012 4:00am EST
at 10:00 a.m. and then with house republicans including speaker john boehner, eric cantor and paul ryan. geithner will lunch with mitch mcconnell and then house minority leader nancy pelosi. president obama is signaling he's flexible on on where tax rates should go for the wealthiest americans. a return to the clinton era tax rates would have households pay between 36% to 39%. the president met with a group of 14 ceos wednesday afternoon. they offered support for resolving the if i can crisis with a proposal for higher taxes for those who make more than a quarter million dollars a year. sdl bo >> both sides have acknowledged that there will be revenue concessions and sbilgtment cent concessio concessions. i'm not a master of the political art here, but i would say if you have these point of views in a business context as close as they are, i would say a deal would be in reach. >> ford chairman bill ford junior agrees with blankfein saying he's confident the obama administration can reach a deal with congress to avoid the fiscal cliff. but speaking with reporters in bangkok, he says the
CNBC
Nov 29, 2012 7:00pm EST
should be able to get to an agreement. speaker boehner nose knows we need an agreement. three, this is the rare period in american politics where you can have governance with less politics. number four, you have a forcing mechanism. that happens very rarely, so those -- all those factors come together. i believe one of these weekends the president and speaker will get in a room and desire this things. >> we were there in the summer of 2011. we were there. i'm not saying it was i had k58, but the speaker and the president were very, very close. last question, judd gregg, why do you think it will work this time when it didn't work in the summer of 2011? >> this is the advantage of both sides to govern. we're note leading up to an election. >> it's better to do it after an election. >> people want the country to be governed. >> a real deal or establish another cliff? >> the first step will be very significant i think. the second step will be directions to the ways and means and finance committee on tax reform. >> this could be done without destroying the economy, but you are righ
CNBC
Nov 30, 2012 9:00am EST
president obama and john boehner. >> no substantive progress has been made in talks between the white house and the house over the last two weeks. the white house has to get serious. >> republicans know where we stand. we have said it. we've said it. we've said it so many times. >> i think all of us today are confident we can reach a bipartisan agreement by christmastime. >> according to a congressional republican aides who have talked to "the wall street journal," they obtained a copy of the white house prover here in the negotiations. >> do you have faith in any of them to rise above? >> would it be okay to go over? >> we will rise above. >> eamon javers joins us live from washington. they seem farther apart than ever before. the dow is above 13,000 for the first time in several weeks. do you think the markets are reading comments correctly? >> i do think markets have gotten it wrong a lot this week. they have been reacting strongly to things that are boilerplate information and basic statements from congress that we hear all the time and markets are taking that the wrong way. last night
CNBC
Dec 4, 2012 6:00am EST
to the plan that the white house has already put out. speaker john boehner has said that this is something that is much closer to the bowles-simpson proposal. erskine bowles saying the gop offer does not represent the plan, he says both sides are kind of far away from it at this point and that it's now up to negotiators to figure out where the middle ground is today. >> bowles said that the mid point that i used back in -- this is where we were last year. so used the mid point of the negotiations, but it's in longer the mid point i guess. >> he also said -- he is a testimony, but he has separated himself from the administration by saying that they thoo should have taken more of their proposals more seriously. he also said last night that you will see higher marginal tax rates. >> higher marginal or effective? >> higher mar begin ginal rates talking about last night. >> that's part of the 500. >> he thinks as part of the compromise to get there, you'll have to see the democrats get their way in terms of higher marginal tax rates. he also said that the republicans should be able to see highe
CNBC
Dec 5, 2012 12:00pm EST
donald.com. comments are very interesting around boehner taking those actions around tea party members in the house. that's substantial. i think at the end of the day it will all come down to means testing. means testing on dividends, means testing on medicare, means testing on social security. that's the way they come to agreement. if you add up all the means testing moves on social security an medicare, that gets but $800 million right there. >> what's the cliff doing to gold? gold's been obviously an interesting trade over the last several sessions. it's been down $30 or so a couple different times. cliff related or something else going on? >> i think it's definitely more economically related. if you look over the last year, take morgan stanley five-year cds versus gold. every time we've had a rise in systemic risk, gold has fallen. over the last month or so, the financial cds, big banks of the united states, that's improved. so there's less global systemic risk, less lehman like risk. but gold has been acting poorly along with oil. so a lot of the economically sensitive under -- indicators are
CNBC
Dec 5, 2012 9:00am EST
-business group, carl. >> the republicans spoke just a minute ago, john boehner saying his fellow republicans do in fact, as we watch the president work the room ahead of his remarks, they do back his opposition to raising rates outright. this chatter that the coalition is fraying, how complicating is that? the question is whether it frays enough to caught a fundamental shift in strategy. i think at the end of the dahl the republicans will give on higher rates. the question is when? does 2 happen before december 31st? in which case republicans and conservatives would argue republicans are agreeing to a tax increase. does it happen after january 1st when rates will have already risen? and if they cut them to 37% top rate, then republicans could say, hey, we just cut taxes. that's really the question. the president has made an argument that it is not practical to get all the money he wants from merely closing loopholes and deductions. he's said different things in the past. he's acknowledged significant amounts of money can be raised through closing loopholes. can you get it done quickly? by the e
CNBC
Nov 29, 2012 6:00am EST
:00 and then followed by a session with john boehner, eric cantor, paul ryan and chairman of the house's tax writing ways and means committee dave camp. also lunch with republican senate minority leader mitch mcconnell and nancy pelosi. yesterday a number of high profile corporate leaders met with president obama at the white house, including lloyd blankfein. >> both sides have acknowledge there had is revenue concessions and entitlement concessions. in fact if you listen to it, again, i'm not a master of the political art here, but i would say if you have these point of views in a business context, i would say a deal would be in reach. >> among our guests this morning, we have ron johnson. at the white house today, president obama will host mitt romney for a private lunch. it's their first meeting since the election. and this his victory speech, obama promised to engage with romney and consider his ideas. >> a lot of people didn't think the lunch would ever happen. >> interesting if he's going to be talking about ideas, mitt romney's idea had been to reach some sort of a cap on it 00 mem deductions
CNBC
Dec 4, 2012 9:00am EST
in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york state's senior senator. we'll see. you know, there are those who believe if you want deficit reduction and are serious about it, we have one way to get there and it's called the fiscal cliff and will send us into r
CNBC
Dec 3, 2012 4:00pm EST
put out a statement saying the boehner offer does not meet the test of balance because it doesn't raise tax rates for the wealthy. we also have a statement saying that the republican offer which they are quoting him in making this offer is simply a mid point of proposals and both sides need to come off their fixed position. >> we have 28 days left. thanks so much. as the markets remain laser focused on the fiscal cliff what else should we be watching tomorrow. joining me now to break it down. good to see you. barry, 30 seconds on the clock. what do you want to watch for tomorrow? >> i think the numbers reported are probably the big numbers, the automotive industry. the average age on the street is 11 years for cars. there is a good possibility auto makers will be responding favorably and the response to the cliff. anything positive would turn the negative emotion to positive emotion in stocks. >> what are we watching? >> i think we will be looking for the bank of canada. no expectation for a rate change. the economy struggling with weak exports and surging loan demand will be an
CNBC
Dec 5, 2012 5:00pm EST
from speaker boehner did represent some progress. >> i think we're making a little bit of progress. i mean, we're still some distance apart. they're clearly moving. they're trying to figure out how to move further. you've seen them acknowledge they're prepared to do $800 billion in higher taxes on part of the american economy. that's part of a balanced framework. that's definitely some progress. what we need to have them acknowledge is that the rates go up and if they're willing to accept that and commit to that as an agreement, then we think we can do something really good for the economy. >> what you have here is really the administration laying out the parameters of getting a deal done. it's going to be tax hikes on the wealthiest 2% going back to the bush tax cuts, although there was a little play in the idea. it didn't have to be 39.6%. he didn't say that had to happen, but he says he thinks that's the best way for a deal to get done to raise the money they need. and a deal on the debt ceiling. so, guys, i'm not sure where we are on this deal. i know the market looks a little bit
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